Windmere-Durable to take charges 6-23-98

TiareRath

MIAMI LAKES, Fla.(CBS.MW) -- Windmere-Durable Holdings shares slipped 1/8 to 32 1/8 Wednesday after the company said it will take an $11 million charge in its second quarter.

Windmere-Durable Holdings (WND)
wnd
, a household appliances manufacturer, said after the bell Tuesday that it would take a one-time charge of 54 cents a share for pulling out of certain "low-margin" product lines, including some of its personal care business.

Analysts were expecting the company to profit 16 cents per share in the quarter, according to Zacks Investment Research.

The company said it is exiting personal care areas as a result of its buyout of Black & Decker's household products group.

"We are reprioritizing and positioning ourselves to capitalize on the tremendous potential created by uniting the Black & Decker brand name with our low-cost manufacturing capabilities," Windmere-Durable chairman and chief executive Davis Friedson said in a statement.

Windmere-Durable said the charge is mostly non-cash. It also said it expects to save $3.5 million each year by discontinuing the product lines.

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